“The top 1% of high earners in the UK have enjoyed a 7.6% real terms pay increase over the last two years, while the average worker’s pay rose by just 2p an hour.
A TUC analysis of government hourly pay data between 2016 and 2018 shows thatpay among the very top earners increased at a faster rate than any other group.
People in the top bracket saw their pay increase by an average of 7.6% from £58.73 in 2016 to £63.18 in 2018, according to the Office for National Statistics (ONS) annual survey of hours and earnings. Over the same period, the real terms pay of average workers rose by just 0.1% or 2p to from £12.71 to £12.73.
The TUC said that average pay in real terms, when adjusted for inflation, was still worth less in real terms than before the financial crisis continuing the biggest squeeze on wages since the end of the Napoleonic Wars.
Frances O’Grady, general secretary of the TUC, warned that the gap between the richest and everyone else will continue to widen under the prime minister, Boris Johnson’s planned tax cut for high earners, which will cost the Treasury £9.6bn a year, according to the Institute for Fiscal Studies (IFS).
“While millions struggle with Britain’s cost of living crisis, pay for those at top is back in the fast lane,” O’Grady said. “We need an economy that works for everyone, not just the richest 1%. Boris Johnson’s promised tax giveaway to high earners would only make things worse. The prime minister is focused on helping his wealthy mates and donors, not working people.” …